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1h ago

U.S. Mortgage Rates Slip Below 6% for First Time Since 2022

Sliding Treasury yields, coupled with market volatility, pushed the benchmark to 5.98%, lifting refinancing far more than purchase demand.

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Constriction workers stand in front of a multi-unit residential housing development in Encinitas, California, U.S., October 6, 2025. REUTERS/Mike Blake
An aerial view of a housing development on August 08, 2025 in Las Vegas. This week’s average mortgage rate of 5.98% is a significant drop compared to the start of last year.
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Overview

  • Freddie Mac reports the 30-year fixed average at 5.98%, the first sub-6% weekly reading since September 2022, while the 15-year rose to 5.44%.
  • MBA data for the week ended Feb. 20 show the 30-year average at 6.09%, total applications up 0.4% week over week, and purchase applications down about 5%.
  • Refinance activity jumped 4% on the week and is roughly 150% higher than a year ago, with refis comprising the majority of current applications.
  • Analysts tie the drop to a lower 10-year Treasury yield following tariff-related legal and policy moves, cautioning that the rate relief may prove temporary.
  • Other measures show small divergences—Zillow’s 30-year purchase average is about 5.87%—and ARMs hold an elevated share above 8% as their rates run roughly 80 basis points lower than fixed loans.